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ST. PETERSBURG (RUSSIA): A $13 billion takeover by Russian oil major Rosneft of India's Essar Oil should close this month after delays caused by debts to Indian lenders, the head of State Bank of India (SBI) said on Friday, adding she had "more or less" approved the deal. "There is a very real possibility this deal will close shortly and we expect to see this happening very soon," Arundhati Bhattacharya, the chairman of India's largest bank by assets told Reuters on the sidelines of the St Petersburg International Economic Forum.

Essar Oil chief executive Lalit K Gupta has resigned following the USD 12.9 billion takeover of the company by Russia's Rosneft and partners but has been retained as a senior adviser by the new management. Rosneft and its partners restructured the board of the company, packing it with their representatives. Rosneft bought 49.13 per cent in Essar Oil and a consortium of European trader Trafigura and Russian fund UCP a similar stake in the USD 12.9 billion deal. The remaining 1.74 per cent stake continues to be held by retail shareholders.

MOSCOW/NEW DELHI: Russian oil giant Rosneft's talks with India's Essar Group to buy a key stake in the unit that owns the Vadinar refinery have slowed, sources said on Thursday, after the two sides clashed over the western Indian plant's valuation. Two sources with knowledge of the deal said discussions between the two sides over the 400,000 barrel per day (bpd) refinery began in December, when Essar signed a deal to buy 200,000 bpd oil from Rosneft for a decade. Talks have centred on a stake of 50 per cent minus one share. "Rosneft is valuing the refinery at below $6 billion.

NEW DELHI/MOSCOW/LONDON: Russian state oil firm Rosneft is struggling to close its $12.9 billion acquisition of India's Essar Oil Ltd because six of Essar's Indian creditors have yet to approve the deal, sources close to the talks said. The state-run banks and financial institutions that are delaying Rosneft's biggest foreign acquisition hold about $500 million of Essar's debt, five industry and banking sources told Reuters. Kremlin-controlled Rosneft, which sees the deal as vital to expanding in Asia's fastest growing energy market, had aimed to close the deal at the end of 2016.

The mega $13-billion deal between Essar Oil and the Rosneft-led consortium has been red flagged by the Home Ministry and its Intelligence Bureau in national security. Government sources tell ET Now that the Home Ministry and IB have objected to the Vadinar Port being a part of this transaction, which has been hailed as India's largest FDI deal and signed last year in the presence of PM Narendra Modi and his Russian counterpart Vladamir Putin in Goa at the sidelines of the BRICs Summit.

SOCHI, RUSSIA: The takeover of India's Essar Oil by Russia's largest oil producer Rosneft can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders' meeting on Thursday. The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said. Sechin also said that the synergy effect from the privatisation of oil company Bashneft had totaled more than 40 billion roubles ($669.9 million) in the first two quarters of this year.

MUMBAI: Essar Oil rallied almost 10 per cent and breached ther upper circuit in intraday trade today, on reports that Essar Oil will this week sign a final term sheet with Russia's OAO Rosneft to import 10 million tonnes of crude oil a year for 10 years after an initial deal was signed in December. In parallel, the two sides are negotiating for Rosneft to buy a large stake in Essar Oil, according to people familiar with the matter.

MUMBAI: Essar Oil rallied almost 10 per cent and breached ther upper circuit in intraday trade today, on reports that Essar Oil will this week sign a final term sheet with Russia's OAO Rosneft to import 10 million tonnes of crude oil a year for 10 years after an initial deal was signed in December. In parallel, the two sides are negotiating for Rosneft to buy a large stake in Essar Oil, according to people familiar with the matter.

MUMBAI: Essar Oil will this week sign a final term sheet with Russia's OAO Rosneft to import 10 million tonnes of crude oil a year for 10 years after an initial deal was signed in December. In parallel, the two sides are negotiating for Rosneft to buy a large stake in Essar Oil, according to people familiar with the matter. Rosneft, the world's largest publiclytraded oil company, signed an MoU for a multi-year crude supply deal with Essar Oil during Russian President Vladimir Putin's visit to India last December.